The Ministry of Finance has announced that the first batch of the sixth phase of the lump-sum export subsidy payment initiative will start next week. This will be applied for companies that completed their documents and submitted their applications during the period from 7 to 11 last May.
The ministry stated in a statement issued today that the date for disbursing these dues has been postponed to 12 and 13 July, instead of 5 and 6 July, due to Eid Al-Adha holiday and the start of the new fiscal year 2023/24.
Nevine Sabbour, Advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development, said that cooperation and coordination takes place with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund, to ensure that the immediate cash payment initiative and support for exporters are successful.
Sabbour explained that the exchange procedures are carried out through four banks, namely the NBE, and Banque Misr, Banque Du Caire, and the Egyptian Export Development Bank.
She added that more than EGP 42bn have been disbursed to exporting companies, since the start of initiatives, to pay the late dues to exporters at the Export Development Fund in October 2019 until now.
The sixth phase of the initiative was very popular with companies. The number of requests from exporting companies that have already completed their documents and applied to the initiative during the period from 7 to 11 May reached 1,132. This aims to expand productive and export activities, especially in light of the exceptional circumstances in the global economy.
